Financials Cairn Homes plc

Equities

Market Closed - London S.E. Other stock markets 11:35:05 2024-05-31 EDT			5-day change	1st Jan Change
145.6 ^GBX	-.--%		-1.89%	+25.73%

05-13	Cairn Homes backs outlook as notes "high" demand	AN
05-10	UBS raises Trainline, cuts Kingspan	AN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	976.1	722.8	849.4	609.7	874.3	1,103	-	-
Enterprise Value (EV) ¹	1,068	891.1	958.9	759	1,023	1,219	1,206	1,189
P/E ratio	19.5 x	56.7 x	19.5 x	7.8 x	10.6 x	9.66 x	9.11 x	8.96 x
Yield	1.97%	-	4.86%	6.86%	4.72%	6.2%	7.16%	4.39%
Capitalization / Revenue	2.24 x	2.76 x	2 x	0.99 x	1.31 x	1.26 x	1.17 x	1.14 x
EV / Revenue	2.45 x	3.4 x	2.26 x	1.23 x	1.53 x	1.4 x	1.28 x	1.23 x
EV / EBITDA	15.5 x	35.4 x	16.2 x	7.24 x	8.85 x	8.31 x	7.82 x	7.57 x
EV / FCF	9.67 x	-24.2 x	10.9 x	-	9.93 x	6.7 x	8.29 x	-
FCF Yield	10.3%	-4.13%	9.19%	-	10.1%	14.9%	12.1%	-
Price to Book	1.31 x	0.99 x	1.09 x	0.81 x	1.15 x	1.5 x	1.5 x	1.49 x
Nbr of stocks (in thousands)	770,655	749,450	749,932	685,777	654,915	645,583	-	-
Reference price ²	1.267	0.9644	1.133	0.8890	1.335	1.708	1.708	1.708
Announcement Date	3/3/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	435.3	261.9	424	617.4	666.8	873.3	943.4	969.6
EBITDA ¹	68.79	25.14	59.19	104.8	115.6	146.8	154.3	157.1
EBIT ¹	68.05	24.45	58.38	103	113.4	144.7	152.5	155
Operating Margin	15.63%	9.33%	13.77%	16.69%	17%	16.57%	16.17%	15.98%
Earnings before Tax (EBT) ¹	58.59	14.79	50.24	93.47	99.42	132.6	140.3	143
Net income ¹	51.22	12.71	43.24	81.03	85.43	113.8	120.5	124
Net margin	11.77%	4.85%	10.2%	13.13%	12.81%	13.03%	12.77%	12.79%
EPS ²	0.0650	0.0170	0.0580	0.1140	0.1260	0.1768	0.1875	0.1907
Free Cash Flow ¹	110.5	-36.77	88.11	-	102.9	182	145.4	-
FCF margin	25.39%	-14.04%	20.78%	-	15.44%	20.84%	15.42%	-
FCF Conversion (EBITDA)	160.66%	-	148.85%	-	89.07%	124%	94.27%	-
FCF Conversion (Net income)	215.77%	-	203.76%	-	120.48%	159.88%	120.72%	-
Dividend per Share ²	0.0250	-	0.0550	0.0610	0.0630	0.1058	0.1223	0.0750
Announcement Date	3/3/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	92.4	168	110	149	148	116	103	86.2
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.343 x	6.693 x	1.85 x	1.425 x	1.283 x	0.7932 x	0.6675 x	0.5486 x
Free Cash Flow ¹	111	-36.8	88.1	-	103	182	145	-
ROE (net income / shareholders' equity)	6.77%	1.68%	5.65%	11%	13%	15.3%	16.4%	16.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	11%	11.4%	11.6%
Assets ¹	-	-	-	-	-	1,033	1,055	1,071
Book Value Per Share ²	0.9600	0.9800	1.040	1.100	1.160	1.140	1.140	1.150
Cash Flow per Share ²	0.1300	-0.0500	0.1200	0.1300	-	0.2700	0.2600	0.2300
Capex ¹	1.31	0.18	0.41	-	1.69	3.68	3.39	4.37
Capex / Sales	0.3%	0.07%	0.1%	-	0.25%	0.42%	0.36%	0.45%
Announcement Date	3/3/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.708 EUR

Average target price

1.995 EUR

Spread / Average Target

+16.81%

	1st Jan change	Capi.
CAIRN HOMES PLC	+25.73%	1.2B
DR HORTON	-2.75%	48.67B
PULTEGROUP, INC.	+13.66%	24.68B
DAIWA HOUSE INDUSTRY CO., LTD.	-2.27%	16.99B
SEKISUI HOUSE, LTD.	+12.77%	14.56B
TOLL BROTHERS, INC.	+18.34%	12.49B
SUMITOMO FORESTRY CO., LTD.	+29.10%	7.06B
THE BERKELEY GROUP HOLDINGS PLC	+11.77%	7.06B
TAYLOR WIMPEY PLC	+0.07%	6.63B
BARRATT DEVELOPMENTS PLC	-10.56%	6.21B